Pan American Silver price target raised to $30 from $27.50 at CIBC

CIBC analyst Cosmos Chiu raised the firm’s price target on Pan American Silver to $30 from $27.50 and keeps an Outperformer rating on the shares. The analyst says silver has “punched through the key psychological level” of $30 per ounce. The firm adjusted price targets to reflect the multiple expansion that has benefitted the silver group. The new target multiples reflect a strong Q1, as well as continuing strength in silver fundamentals, the analyst tells investors in a research note.